The Institute of Chartered Accountants (ICAI) is considering a request from the Tanaiste, Ms Harney, to allow an observer from her Department to sit in on any investigative proceedings taken against its members.

The request by the Tanaiste and Minister for Enterprise, Trade and Employment will be discussed at a specially-convened committee meeting next Wednesday, according to ICAI chief executive Mr Sean Dorgan. "We are looking at that request. And, while it may create some difficulties, we haven't ruled it out," he said yesterday.

The institute's main concern is that some of its members could feel "constrained" or "object" to non-members attending this procedure, which could affect the process itself, Mr Dorgan said. The Tanaiste has called on the institute to publish its findings into the McCracken tribunal. And she warned that unless justice was seen to be done, she may reconsider the viability of the self regulatory regime within which the profession currently operates.

The committee is expected to establish a quasi-judicial disciplinary hearing, which will call certain members to answer questions in relation to their roles in the transactions investigated by the McCracken tribunal.

Mr Dorgan said the committee would be calling any of its members it believes have questions to answer. ICAI members named in the tribunal report include: former Taoiseach, Mr Charles Haughey; Dunnes Stores trustee, Mr Noel Fox; and the Dublin accountancy firm, Oliver Freaney, which acted as financial consultants to Dunnes Stores and were also auditors to Mr Michael Lowry's refrigeration company, Streamline.